State of Alaska Department of Revenue boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 774,799 shares of the information services provider’s stock after acquiring an additional 17,410 shares during the quarter. Alphabet comprises 1.4% of State of Alaska Department of Revenue’s holdings, making the stock its 7th biggest position. State of Alaska Department of Revenue’s holdings in Alphabet were worth $119,814,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the company. Rockbridge Capital Management LLC purchased a new position in shares of Alphabet in the 4th quarter valued at approximately $3,119,000. Optivise Advisory Services LLC grew its holdings in Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider’s stock worth $1,035,000 after acquiring an additional 403 shares during the period. Community Bank N.A. grew its holdings in Alphabet by 6.4% during the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock worth $8,741,000 after acquiring an additional 2,790 shares during the period. Premier Fund Managers Ltd grew its holdings in Alphabet by 30.0% during the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider’s stock worth $11,816,000 after acquiring an additional 14,262 shares during the period. Finally, Absolute Capital Management LLC grew its holdings in Alphabet by 14.0% during the fourth quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider’s stock worth $401,000 after acquiring an additional 258 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.
Alphabet Stock Performance
Alphabet stock opened at $166.64 on Friday. The firm has a market capitalization of $2.02 trillion, a P/E ratio of 18.58, a PEG ratio of 1.11 and a beta of 1.01. The stock has a fifty day moving average price of $164.77 and a 200 day moving average price of $174.71. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03.
Alphabet Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s dividend payout ratio (DPR) is 9.36%.
Insider Transactions at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total value of $5,742,100.00. Following the transaction, the chief executive officer now directly owns 2,555,196 shares in the company, valued at $451,452,029.28. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 11,764 shares of the firm’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the completion of the transaction, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. This trade represents a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 228,070 shares of company stock worth $37,745,632 in the last three months. 11.64% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on GOOGL. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Alphabet in a report on Wednesday, April 23rd. Mizuho dropped their price objective on Alphabet from $230.00 to $205.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Piper Sandler upped their price objective on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Tigress Financial upped their price objective on Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $200.00 target price (down from $230.00) on shares of Alphabet in a research report on Thursday, April 17th. Ten research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $199.75.
Check Out Our Latest Stock Report on Alphabet
Alphabet Profile
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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